Drake & Scull, Gulf Bank, Gulf Cable, FGB: Gulf Equity Preview

The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.

The DFM General Index jumped 3.3 percent to 1,594.87. Abu Dhabi’s measure advanced 1 percent and Kuwait’s SE Price Index gained 0.2 percent. Saudi Arabia’s market is closed for the weekend.

Drake & Scull International PJSC (DSI UH): The Dubai-based construction engineering company said its board approved plans to target projects in Djibouti and Vietnam. The shares surged 6.1 percent to 1.05 dirhams.

First Gulf Bank PJSC (FGB UH): The United Arab Emirates lender controlled by Abu Dhabi’s ruling family said fourth- quarter profit rose to 865 million dirhams ($236 million) from 855 dirhams in the year-earlier period, beating estimates.

Separately, the bank’s board approved the early conversion of 3.6 billion dirhams of three-year bonds issued in July 2008 into ordinary shares. The stock retreated 0.3 percent to 16.5 dirhams when they last traded on Feb. 1.

Gulf Bank KSC (GBK KK): Kuwait’s second-biggest lender by market value said net income was 19.1 million dinars ($68.4 million) last year after a loss of 28.1 million dinars in 2009. The shares lost 1.8 percent to 540 fils.

Gulf Cable & Electrical Industries Co. (CABLE KK): The Kuwaiti maker of electrical equipment said full-year profit rose to 26.4 million dinars from 10.5 million dinars a year ago. The shares gained 2.1 percent to 1,940 fils.

National Marine Dredging Co. (NMDC UH): The U.A.E.-based company that deepens waterways said full-year profit rose 9 percent to 452 million dirhams ($123 million) as contract revenue increased. The shares advanced 2.2 percent to 11.85 dirhams.

To contact the reporters on this story: Zahraa Alkhalisi in Abu Dhabi at zalkhalisi@bloomberg.net Zahra Hankir in Dubai at Zhankir@bloomberg.net

To contact the editor responsible for this story Shaji Mathew at shajimathew@bloomberg.net

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